Former Binance CEO Changpeng Zhao has already weighed in on the current cryptocurrency market action, claiming that "everything" before the next all-time high has to be viewed as a dip by definition.
That said, the obvious question, according to CZ, is whether there will be another all-time high.
"Only a small number of strong coins will do that. Look for long-term staying power and growth potential," he said.
According to CoinGecko data, the price of the leading cryptocurrency dipped to an intraday low of $98,467 before paring some losses.
At press time, the leading cryptocurrency is changing hands at $101,370.
In May, as reported by U.Today, Zhao predicted that Bitcoin would "definitely" hit $1 million during the current bullish cycle, but he did not provide a specific timeframe for this price call.
The uber-bullish prediction is based on such factors as increasing institutional interest, rapidly growing mainstream acceptance, as well as positive developments on the regulatory front.
Crypto is "just starting"
CZ is convinced that blockchain technology is "just starting." During a recent interview, he drew parallels between crypto and video conferencing, arguing that the latter still has issues after decades of development. He claims that people tend to underestimate the amount of time it takes to develop a full-fledged industry. According to CZ, the general pubic is only starting to treat crypto more seriously after eventually ignoring and dismissing it.
The former Binance boss has repeatedly encouraged cryptocurrency investors to focus on long-term moves instead of short-term volatility to filter out noise.
Vladislav Sopov
U.Today Editorial Team